PGIM buys Manchester Life’s Lampwick Quay
Manchester Life will continue to manage and staff the 213-home rental property while using the money from the sale to support its third phase of development in Ancoats and New Islington.
PGIM Real Estate and Manchester Life declined to share the sale price.
The CallisonRTKL-designed Lampwick Quay is 50% let. Built by Sisk, Lampwick Quay offers both apartments and duplex homes. It only opened to residents on 1 September. Its completion marked the end of phase two for Manchester Life’s plans for the area.
Marty Edelman, Manchester Life’s executive chairman, expressed his enthusiasm for working with PGIM Real Estate, which has $195bn – nearly £143bn – in gross assets under management and administration. PGIM Real Estate is part of Prudential Financial.
“As we commence our third phase of development in the neighbourhood, having PGIM Real Estate, as a long-term real estate investor, commit to Lampwick Quay ensures stable and experienced ownership of the 213-home development,” Edelman said.
Squire Patton Boggs, Reside Manchester and KPMG advised Manchester Life on the deal.
The sale will support work on the third phase of Manchester Life’s plans for Ancoats and New Islington, which include the Ancoats Mobility Hub and Eliza Yard apartment block. Manchester City Council granted planning permission to both Eliza Yard and the mobility hub in July.
Manchester Life is a joint venture between Abu Dhabi United Group and Manchester City Council that was created in 2014. It acts as an investor, developer and landlord. Manchester has created 1,500 homes spread out across seven developments and two mill conversions.
It’s good to see more housing filling up with young working people in this location on the up
By Cal
Wouldn’t it be nice if those flats included some balconies for the tenants, many of whom may be sharing or lodging and who would benefit from an outdoor escape, somewhere to install pot plants or a table and chairs and enjoy the fresh air and canal views?
By Balcony watch
@Balcony watch – there are literally balconies on the render…
By JP
Will allow the cash to be re invested in more new housing. Great news.
By zoro
Three of them at the front have got balconies, so its fine.
Also, the air isn’t that fresh. Safer indoors.
By Balconies
@JP There are a handful of balconies on one elevation only. A token inclusion for aesthetic purposes than anything else.
By Balcony watch
@Balcony watch, You said “some balconies to enjoy the canal views”. I think what’s proposed more than grants that. If you look closely as well some of the other flats look as though they have Juliet balconies.
I understand your point, but see you trolling on near enough every post. It’s tiring.
By JP
@JP it’s a point that merits repeating because having outdoor space should be a basic requirement in any block of flats particularly in a scheme marketed as being suitable for long term occupation. Oh and 7 balconies out of 213 flats amounts to a measly 3%. As I said, token.
By Balcony watch